Foreigners to pay more for Singapore property: SINGAPORE: Singapore on Friday made it costlier for foreigners t...

SINGAPORE: Singapore on Friday made it costlier for foreigners to buy property and imposed other measures to cool down the market in which home prices have continued to rise despite an economic slowdown. Starting Saturday, foreign buyers have to pay total stamp duties of 18 percent of a property’s valuation, up from 13 percent, a government press release said. Foreigners with permanent residency in Singapore will have to pay eight percent stamp duties, up from three percent. Singaporeans will still enjoy the normal three percent stamp duty for their first purchases, but will have to pay more for additional properties. “We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road,” Finance Minister Tharman Shanmugaratnam said. In addition to higher stamp duties, the minimum cash downpay...